The markets have inched up in the first hours of trading amid positive results announced by several companies. Among them, Facebook Inc (NASDAQ:FB) and XPO Logistics Inc (NYSE:XPO) have advanced by over 5% in early trading, while Solaredge Technologies Inc (NASDAQ:SEDG) has surged by over 22%. Let’s take a closer look at the financial results reported by these companies that are pushing their shares higher.
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Facebook Inc (NASDAQ:FB)‘s stock reached a new 52-week high of $110.65 on the back of its latest financial results, which included earnings of $0.57 per share on revenues of $4.5 billion, compared with analyst estimates of $0.52 and $4.37 billion, respectively. The company also reported having 1.01 billion Daily Active Users in September, up by 17% on the year, while the number of Monthly Active Users went up by 14% year-over-year to 1.55 billion. The company also posted strong gains for the mobile segment with its numbers of Monthly and Daily Active Users advancing by 23% and 27% on the year to 1.39 billion and 894 million, respectively. Facebook said that mobile advertising revenue stood at 78% of total advertising revenue, up from 66% of the total a quarter earlier.
Investors from our database like Facebook Inc (NASDAQ:FB), which ranked as their third-most popular stock, with 133 funds reporting long positions in it as of the end of June. Recently, billionaire Leon Cooperman’s Omega Advisors mentioned Facebook Inc (NASDAQ:FB) as one of its top tech picks and projected an 18% growth rate for the stock for the next three-to-five years (see more details). In addition, Clifford Fox’s Columbus Circle Investors reported ownership of 3.14 million shares of Facebook as of the end of September.
On the next page, we will discuss the metrics that have driven XPO Logistics Inc (NYSE:XPO) and Solaredge Technologies Inc (NASDAQ:SEDG) higher today.